The company’s chief executive also said on a conference call with analysts that consumers were still spending despite economic uncertainty, though growth comparisons will start to get harder from this month.

The New York-based card processing company reported net income of $716m (£448.9m), up from $519m a year before. Net income attributable to the company was $717m, versus $518m a year earlier. It was the company’s biggest earnings beat in the last two years, according to Reuters data.